Key Issues in Running Your Business

4. Strategic Planning

It is easy to get bogged down focusing on the short term, so you must make time for 'big picture' strategic activities which will improve the overall health of your business.

4.1 Work towards long-term goals.

• Focus on the key factors which determine the long-term success of the business.
• Use techniques which will help you assess and improve the overall health and performance of your business.

4.2 Use a forward-looking business plan to set out how you will achieve your objectives.

• Review and update the plan regularly.

4.3 Keep moving ahead.

4.4 Continually monitor key external factors which affect your business.

• For example, changes to your marketplace, or what the competition is doing.

4.5 Plan for your personal long-term security.

4.6 It is easy to neglect your core activities when you are buying or selling a business.